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CIRCULAR

Guiding the implementation of the Government's Decree no. 12/2006/ND-CP of January 23, 2006, detailing the implementation of the Commercial Law regarding international goods purchase and sale, and goods purchase and sale agency, processing and transit with foreign parties, for goods subject to the State Bank's specialized management

Pursuant to the Government's Decree No. 12/2006/ND-CP of January 23, 2006, detailing the Commercial Law regarding international goods purchase and sale, and goods purchase and sale agency, processing and transit with foreign parties;

Pursuant to the Prime Minister's Decision No. 41/2005/QD-TTg of March 2, 2005, promulgating the Regulation on grant of goods import permits;

The State Bank of Vietnam (hereinafter called the State Bank for short) hereby guides the import and export of goods subject to the State Bank's specialized management as follows:

I. GENERAL PROVISIONS

1. This Circular guides the import of goods subject to the State Bank's specialized management. The State Bank shall manage the import of goods by two modes: grant of import permits and designation of enterprises entitled to import goods.

2. The State Bank promulgates in Appendix 1 to this Circular the list of goods subject to its specialized management according to the provisions of Section III, Appendix 3 to the Government's Decree No. 12/2006/ND-CP of January 23, 2006, detailing the implementation of the Commercial Law regarding international goods purchase and sale, and goods purchase and sale agency, processing and transit with foreign parties.

II. PROVISIONS OF IMPORT OF GOODS REQUIRING PERMIT

1. The State Bank shall manage by mode of grant of import permits the following machines and equipment:

a/ Machines for banknote destruction (incinerators);

b/ Vault doors.

2. Subjects that may be granted permits for import of incinerators and vault doors include units of the State Bank, enterprises attached to the State Bank, credit institutions and other traders.

3. Import conditions: Imported vault doors and incinerators must satisfy the technical standards of vault doors and incinerators set by the State Bank Governor in each period.

4. Dossiers of application for import permits:

a/ For enterprises attached to the State Bank, credit institutions and other traders:

- An application for import permit (made according to a set form, not printed herein);

- A valid copy of the establishment decision or the business registration certificate (notarized copy or photocopy enclosed with the original for comparison);

- Technical documents of equipment or machines (originals and Vietnamese translations).

b/ For units of the State Bank:

- An application for import permit (made according to a set form, not printed herein);

- The State Bank Governor's written approval of the equipping of imported vault doors or incinerators;

- Technical documents of equipment or machines (originals and Vietnamese translations).

5. Time limit for grant of permits:

Within 6 working days after receipt of complete and valid dossiers, the State Bank shall grant import permits. In case of refusal to grant permits, the State Bank shall, within the said time limit, reply in writing, clearly stating reasons therefor.

6. The validity duration of permits: A permit shall be valid until the last day of the month during which the permitted unit plans to import goods.

7. The address for receipt of dossiers and grant of permits:

The Issue and Vault Department ' the State Bank of Vietnam, 47-49 Ly Thai To street, Hanoi.

8. Responsibilities of permit-granting units:

The State Bank Governor assigns the director of the Issue and Vault Department to consider and grant permits for import of vault doors and incinerators; to oversee and manage the use of goods subject to the State Bank's specialized management for proper purposes.

9. Responsibilities of importing units or import-entrusting units (in case of import entrustment):

- To import goods in permitted quantities, of proper quality and categories, up to technical standards set by the State Bank, and in compliance with the State's current regulations on import of goods.

- To use imported goods for proper purposes.

- Within three months after customs clearance, to report in writing to the State Bank (the Issue and Vault Department) on the use of imported goods.

10. Extension of permits:

a/ Units having applied for import permits which wish to have their import permits extended must send a written request for permit extension to the State Bank before the date of expiration indicated in their permits (accompanied with documents evidencing the delayed goods import), clearly stating reasons for the delay and requested extension.

b/ Within five working days after receiving written requests for extension of import permits, the State Bank shall notify in writing its approval or disapproval of such extension.

III. PROVISIONS ON MANAGEMENT OF IMPORT GOODS BY MODE OF DESIGNATION OF ENTERPRISES ENTITLED TO IMPORT SUCH GOODS

The goods items specified in Sections 3, 4, 5, 6 and 7 of Appendix 1 to this Circular are those managed by the State Bank. Upon written approval of the State Bank Governor, the State Bank shall designate the National Money Printing Factory (an enterprise attached to the State Bank) to directly import these goods items.

IV. IMPLEMENTATION PROVISIONS

This Circular takes effect 15 days after its publication in "CONG BAO." The following documents shall cease to be effective:

- The State Bank Governor's Circular No. 06/2001/TT-NHNN of August 24, 2001, guiding the implementation of the Prime Minister's Decision No. 46/2001/QD-TTg of April 4, 2001, on the management of goods import and export in the 2001-2005 period regarding goods subject to the State Bank's specialized management;

- The State Bank Governor's Circular No. 08/2004/TT-NHNN of December 3, 2004, amending and supplementing a number of points of the State Bank Governor's Circular No. 06/2001/TT-NHNN of August 24, 2001, guiding the implementation of the Prime Minister's Decision No. 46/2001/QD-TTg of April 4, 2001, on the management of goods import and export in the 2001-2005 period regarding goods subject to the State Bank's specialized management.